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City of London veterans this week launched their very own philanthropy club in a bid to encourage young executives to part with their cash for charitable causes.

The brainchild behind the club is former Barclays banker Donald Brydon, chairman of the Lord Mayor’s annual charity appeal Pitch Perfect. Brydon, who is also chairman of the Royal Mail Group and Smiths Group, held a variety of senior posts at Barclays Group followed by AXA Investment Managers.

The club also has backing from Mervyn King, governor of the Bank of England.

In March this year, Brydon and King met with 15 young executives in their 30s and 40s from the City to discuss the creation of the club. The group was officially established at a dinner at the Bank of England on Wednesday and was attended by around 50 financial services industry employees.

The next step will be to set up a committee to decide which charities to support. Alan Brown, managing director, co-head of the global natural resources group, at Deutsche Bank has been put in charge of leading the young executives.

Dr Salvatore LaSpada, chief executive of the Institute for Philanthropy, welcomed the new club, Third Sector reported http://bit.ly/dcYJGH.

"When donors come together in networks such as this, we see the most sustained and effective giving," he said.

"Many philanthropists begin their giving after they have created wealth," he added. "This club’s aim is to encourage them to give while still in the early stages of their careers, so that they acquire the giving habit early."